Rent rises coupled with low interest rates means it is cheaper to buy than rent in many Australian suburbs.
CoreLogic figures show monthly mortgage repayments based on a median house or unit price are cheaper than rents in 274 suburbs, 201 of those unit markets and the remainder houses.
There are 20 unit markets and one house market in Sydney where buying is cheaper, while in Melbourne 20 unit markets are cheaper.
A monthly mortgage repayment for a unit in Darwin is $1,013 cheaper than renting. In Western Sydney, buying a unit in Auburn is $318 a month cheaper than renting, while in Rosehill the difference is $266 and in Mays Hill $254.
In the inner Sydney market, buyers pay $203 a month less to buy rather than rent in Roseberry, while in Mascot it’s $190 cheaper.
In Melbourne units in Carlton and Docklands are cheaper by $533 and $422 respectively, while in Perth, Wembley and West Leederville are cheaper by $797 and $785.